Can a futures brokerage account be garnished by a credit card company?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can a futures brokerage account be garnished by a credit card company?
Asked on July 9, 2014 under Bankruptcy Law, New Jersey
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
Yes, any accounts, including futures brokerage accounts, securities accounts, etc. as well as bank accounts, can potentially be garnished or executed upon by a creditor, including a credit card company, if they sue the debtor and get a judgment against him or her. The exception would be accounts that are part of certain kinds of retirement savings (like 401ks, IRAs, etc.), since those are generally protected from execution or garnishment.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.